Bank of the Living Dead
As anyone familiar with George Romero's work knows, the only way to deal with zombies is a bullet in the head. Treasury and the Fed, however, seem to think that if they spend a fortune on fancy clothes and makeup they can revive the dead. Unfortunately, they're using our entrails to keep the zombies well-fed while they try to give their creation life.
Op-Ed Columnist - Wall Street Voodoo - NYTimes.com
Op-Ed Columnist - Wall Street Voodoo - NYTimes.com
Old-fashioned voodoo economics — the belief in tax-cut magic — has been banished from civilized discourse. The supply-side cult has shrunk to the point that it contains only cranks, charlatans, and Republicans.Technorati Tags: Krugman, banks, zombies, bailout, Fed, Treasury, Paulson
But recent news reports suggest that many influential people, including Federal Reserve officials, bank regulators, and, possibly, members of the incoming Obama administration, have become devotees of a new kind of voodoo: the belief that by performing elaborate financial rituals we can keep dead banks walking.